REGISTRATION OF MOVABLE PROPERTY

The Registry System is the set of rules that in a given country regulate the forms of
publicity of real rights over real estate through the Property Registry, as well as the
regime and organization of this institution. Which, said in a synthetic way, would be the
set of regulatory rules of the institution of the Property Registry, both from a substantive
point of view, that is, the value of the entries as a form of constitution or publicity of
those rights, and from a formal point of view, that is, the organization and regime of the
Registry.

The Registry of Movable Property is public and is open to all those who want to know
its content, as long as they express the reason for the consultation and it is in accordance
with the purpose of the Registry. The National System of Public Registries is made up
of different Registries, among them the Registry of Personal Property stands out; which
includes the Vehicle Ownership Registry, the registration of the vehicle, transfers of
ownership, annotations or cancellations of embargoes, changes of characteristics and
other acts related to motor vehicles are recorded in the cal; to the Vessel Registry, where
vessels, their transfers and cargoes, etc. are registered; to the Fishing Vessel Registry,
fishing vessels, their transfers, cargoes, among others, are registered in the file; the
Registry of Ships and Aircraft, where aircraft, ownership transfers, leasing contracts,
mortgages, etc. are registered. And the Movable Contract Registry, in which all acts
referred to in Article 32 of the Movable Security Law, which relate to movable property
not registered in a Legal Property Registry, are registered. This said as indicated in
article 2 of Law 263661 which in its subsection d) states:

1
“The National System of Public Registries links the Registries of all Public Sectors in legal terms and is
made up of the following Registries:
a) Registry of Natural Persons, which unifies the following registries: the Registry of Mandates and
Powers, the Registry of Wills, the Registry of Intestate Successions, the Personal Registry and the
Registry of Merchants;
b) Registry of Legal Entities, which unifies the following registries: the Registry of Legal Entities, the
Commercial Registry, the Registry of Mining Companies, the Registry of Companies of the Public
Hydrocarbons Registry, the Registry of Fishing Companies, the Registry of Commercial Companies , the
Registry of Legal Entities created by Law and the Registry of Individual Limited Liability Companies;
c) Real Estate Property Registry, which includes the following records:
- Property Registry;
- Vessel Registry;
- Registration of Fishing Vessels;
- Aircraft Registry;
- Ship Registry;
 “d) The Registry of Movable Property, which unifies the following registries:
the Registry of Movable Property, the Registry of Vehicle Property, the Tax
Registry of Installment Sales, the Registry of Industrial Pledge, the Registry of
Agricultural Pledge, the Registry of Fishing Pledge, the Mining Pledge Registry,
the Transport Pledge Registry;”

It is important to mention that later Law No. 28677, Movable Security Law, in its fifth
final provision, modifies sections c) and d) of article 2 of Law 26366, which creates the
National System and the Superintendence of Public Registries.

1. THE VEHICLE OWNERSHIP REGISTRATION

The registration of vehicle ownership has undergone serious modifications, so it is

advisable to develop its background and evolution and then interpret the legal
provisions that regulate it and its legal effects.

There is no rule in the Civil Code that expressly and directly provides that said
registration requires prior registration in public registries for its validity. However, we
find various regulations that contain legal provisions referring to the registration of land
transport vehicles that allow us to conclude that said registration is a mandatory
condition for the validity of the transfer of vehicle ownership; which allows us to affirm
that the registration of vehicle transfers is constitutive.

In our country, the National System of Public Records was created with Law 26366
(promulgated in October 1994), with the purpose of maintaining and preserving the
unity and coherence of the exercise of the country's registry function, as stated in your
article first:

- Mining Rights Registry;

- Registry of Concessions for the exploitation of Public Services.
d) The Registry of Movable Property, which unifies the following registries: the Registry of Movable
Property, the Registry of Vehicle Property, the Tax Registry of Installment Sales, the Registry of Industrial
Pledge, the Registry of Agricultural Pledge, the Registry of Pledge Pesquera, the Mining Pledge Registry,
the Transport Pledge Registry;
e) Other registries of a legal nature created or to be created.
The Property Registry will be incorporated into the Real Estate Registry within a non-extendable period
of five (5) years from the date of entry into force of this Law.
The Administrative Records and the records regulated by Decisions No. are not included in this law. 291,
344, 345 and 351 of the Cartagena Agreement Commission.”
 “Article 1.- The National System of Public Registries is created with the purpose
of maintaining and preserving the unity and coherence of the exercise of the
registry function throughout the country, oriented to the specialization,
simplification, integration and modernization of the function, procedures and
management of all the records that comprise it.”

In 1997, starting in October, the transfer of the Registry of Vehicle Ownership and
Pledge of Transport from the scope of the Directorates of Land Traffic of the Regions to
the Registry Offices at the national level became effective, thus giving compliance to
the provisions of the last paragraph of the Fourth Transitional Provision of Law No.
26636.

This transfer to the SUNARP Registry Offices was carried out only in October 1997 in
accordance with the provisions of Ministerial Resolution No. 467-97-MTC/15.02 and
the Resolutions of the General Manager of the National Superintendency of Public
Registries Nos. 011 and 012 SUNARP/GG.

It is evident that the implications of this change were not only of headquarters but also
generated other transcendent effects. It is true that both registries have administrative
characteristics that give rise to transcendental legal implications, but their organization,
operation, powers and effects are substantially different.

The administrative records, (such as those of Vehicle Ownership and Transport Pledge
in charge of the General Directorate of Land Traffic), were useful data archive records
for the administration in charge of this agency, which facilitated the fulfillment of their
functions. , in which the characteristics of the property were basically noted in its first
registration and those that allowed it to circulate nationally. However, they did not meet
the needs or requirements of the users.

Thus, with the implementation of the aforementioned norm, the Registry Offices
assumed the responsibility of managing the vehicle registry, this change would imply
the incorporation of the registry principle of legality for the qualification of the acts and
rights that sought to access the registry in addition to enshrining the effects of the other
registration principles , such as legitimacy, publicity, priority, public registration faith,
etc., for those already registered. That is, the Vehicle Property Registry changed from
being a registry of administrative information in charge of Transport to another of legal
security in charge of the Public Registries.

The difference between both registers does not make them antagonistic. Rather, they
complement each other in order to fulfill their respective functions. The administrative
registry that is currently within the scope of the Ministry of Transportation,
Communications, Housing and Construction is closely related to the Vehicle Property
Registry in charge of SUNARP, exchanging information that is registered by each of
them, noting that the legislation that regulates the relevant legal situations of vehicular
assets, contains rules for both, as well as the performance of each of them and also rules
about their connection.

Now, the transfer of ownership of movable property is carried out with tradition to its
creditor, unless otherwise provided by law; In other words, the transfer of ownership of
movable property is carried out with the physical delivery of the movable property from
a creditor to his debtor, unless there is a legal mandate that requires compliance with
another formality, this according to article 947 of the Civil Code.2 .

Regarding the last mentioned, Max Arias Schereiber points out that "the rule of art. 947
does not work when there is a different legal provision, such as those cases in which the
transfer of ownership of movable things requires registration in a certain registry", in
other words, when it is necessary to comply with a different formality than the physical
delivery of the specific movable property. Now, motor vehicles having the legal nature
of movable property, the transfer of ownership thereof would operate as stipulated by
the aforementioned art. 947 of the substantive code, that is, with tradition to its creditor.

However, it is important to keep in mind what is stated in the last part of art. 947°,
mentioned above, which reads "unless there is a different legal provision", that is, when
there is no rule that indicates the way in which the transfer of movable property will be
carried out, it is carried out with tradition, otherwise one must be the formality that
another norm establishes.

Therefore, it is important to mention that article 34.1 of Law 27181, General Law of
Transportation and Land Transit, states:

2
Article 947º.- The transfer of ownership of a specific movable thing is carried out with tradition to its
creditor, unless otherwise provided by law.
 “Article 34.- Transfer of property, constitution of guarantees and modifying acts

34.1 The transfer of ownership and other modifying acts related to motor
vehicles is formalized through their registration in the Vehicle Property Registry.

(…)”

Consequently, and in compliance with the limited rule, the transfer of ownership of
motor vehicles will be considered carried out or fulfilled only with the registration in
the registry, as this is the "different legal provision" referred to in the last part of art.
947 of the substantive Code, thus giving constitutive effectiveness to the transfer of
vehicle ownership, since its existence will not be admitted if it is not registered,
resulting in the registration being an element of validity of the legal act or business, only
to From the registration the rights and obligations will be generated.

For this reason, it is necessary to specify that only with the registration of the vehicle
transfer will the buyer or acquirer be considered the owner; This depends on the
contracting parties, legal operators and citizens in general in order to ensure that the
transfer of vehicle ownership is in the respective Registry.

1.1. CONSTITUTIVE SYSTEM IN THE TRANSFER OF VEHICLE

OWNERSHIP

As we mentioned in the previous point, we belong to a prevailing system of application

of the consensual principle of transfer of real estate; the use of this same system to
transfer ownership of vehicle ownership may not be equally advantageous.

Defenders of the consensual theory point out as an advantage that they facilitate the
transfer of the domain, eliminating the problems, delays and costs of registration. This
supposed advantage, absent in the constitutive theory, has a very different reality in
vehicle ownership, whose circulation in the market is quite agile and constant, the
formalities for its registration are minimal compared to the contract for the sale of real
estate, The legal vicissitudes of territorial property do not occur in motor vehicles and
the registration costs are significantly lower than those required for real estate
registration.
In matters of registration of vehicle ownership, there are therefore advantages coming
from the legal nature of the property itself. It is simpler to identify a vehicle than real
estate. This simplifies the "study of previous titles" to the domain transfer to be
registered; The requirements for the formalization of the act of transfer of domain have
been simplified, the registration offers fewer requirements and is more efficient. All of
this allows for greater agreement between reality and the facts advertised in the registry.

From the point of view of speed in the circulation of goods and facilitation of
exchanges, the consensual theory does not provide any advantage to the transfer of
ownership of motor vehicles, nor is it more economical or simplified.

One of the disadvantages of the consensual theory is the one pointed out by Dr.
Gunther Gonzáles Barrón who says "it rules out in principle the use of an advertising
instrument to publicize the transfers and, in general, to publicize the legal status of the
estate"

This disadvantageous situation in which the buyer of a property finds himself who
cannot know exactly the realities that have occurred outside the registry is a situation
that would be aggravated in the case of vehicle ownership in which the property, by
itself, nature, it is possible that the buyer receives it from someone who has possession
and is not the true owner.

The ease with which a subject can find himself in possession of a vehicle cannot be
compared to the occasional situations that in the case of real estate can generate such a
discrepancy between the facts and the registry reality.

In the previous system of transferring vehicle ownership by private document with

legalized signatures, the falsification of the signatures of notaries and the contracting
parties themselves generated a system of chaos in vehicle ownership and a great
discrepancy between the ownerships registered in the registry. and transfers that
occurred outside the registry. The damage to owners with registered rights and owners
who had acquired outside the registry, harmed all those involved. The legislator, noting
this claim and the serious consequences that it also brought with the unfair criminal
complaints for users, notaries and registrars, motivated the change to the regulation that
today applies in registration matters to the transfer of vehicle ownership.
 1.2. REGISTERABLE ACTS

A) THE FIRST OF DOMAIN

Vehicle Registration is the incorporation of a vehicle into the National Land

Transportation System (SNTT), which is exclusively assigned to a public registrar.

In this sense, only those vehicles that are destined for public roads or SNTT are
registered and incorporated into the Vehicle Property Registry, so we must point out
that agricultural machinery, mining machinery, competition vehicles, sand dune or
tubular vehicles and almost The generality of ATVs, among the main ones, are not
destined for the SNTT, and for this reason they will not be subject to vehicle
registration.

According to the Registration Regulations of the Vehicle Property Registry of 2013, the
first registration of a vehicle in the Public Registries is called registration, which
includes the registration of the vehicle and the first registration of the ownership right.

Likewise, we must rule out as vehicles that are going to be registered in the Vehicle
Property Registry those expressly indicated in the registration regulations of said
registry (approved by Res. N° 087-2004-Sunarp/SN), such as: vehicles of the Armed
Forces (FF AA); vehicles of the police forces (PNP) – only until the regulation of the
Single National License Plate is in effect – and diplomatic vehicles (which have their
own registration regime; however, you can also opt to register the vehicle in the
Registry of Vehicle Ownership).

Now, in all cases, the Electronic Registration Form approved by Sunarp must be
presented, duly filled out and printed, with the notarized signature of the owner, or, if
applicable, of his or her duly authorized representative or attorney-in-fact.

The Electronic Registration Form will contain the owner's data, as well as the vehicle
data, which includes its type and use.

Except in the cases of nationally manufactured or assembled vehicles and vehicles

auctioned by Sunat, the Electronic Registration Form will indicate the number of the
Single Customs Declaration or Customs Declaration of Goods (DUA/DAM), which
consists of: Port of arrival in the country, year of numbering, import code, self-
generated serial number of the declaration, and the serial number/item of the vehicle to
be registered.

On the other hand, the Vehicle Property Registry is governed by the royal folio system,
by which a registry entry is opened for each vehicle, and is based on the same registry
principles established by the Civil Code in its public records book.

The registration qualification is based mainly on the national vehicle regulations, the
registration regulations of the Vehicle Property Registry, the general regulations of the
Public Registries and the Civil Code, being of singular relevance, in addition, the new
regulation of the single national plate of filming (approved by DS No. 017-2008-MTC).

B) THE MODIFICATION OF THE REGISTRATION CHARACTERISTICS OF

THE VEHICLE, EXCEPT AS STATED IN ARTICLE 14 OF THE
REGULATIONS ON REGISTRATION OF THE VEHICLE OWNERSHIP
REGISTRY

If changes are made to a vehicle, they must be registered with the National
Superintendency of Public Records (Sunarp), since if the vehicle circulates with
characteristics different from those indicated on the Vehicle Identification Card (TIV), it
constitutes a serious infraction, except in what is stated in article 14 of the Registration
Regulations of the Vehicle Property Registry, which mentions that “It is prohibited for
the Category N vehicle, before or after its registration, to be modified into a Category M
vehicle; except the modification of a Category N vehicle with special combination S.”

However, not all changes to a vehicle are recordable, since only those that modify the
main characteristics of the vehicle are included, such as:

a. Color: If a large part of the vehicle's original paint is modified, the change in
characteristics must be registered in Sunarp. Identification stickers, logos of
transport companies and other similar items, as well as any other distinctive
color thereof, are not considered part of the color of a vehicle, as long as these
do not exceed 20% of the total area of the vehicle. Consequently, these colors
are not necessarily registrable.
 b. Type of fuel: In recent years, hundreds of people have chosen to change the fuel
system of their vehicles for an economic factor: filling the tank with LPG or
CNG is considerably cheaper than filling it with gasoline.

c. Engine: This essential element of the car has a unique serial number for
identification, so it is necessary to update the TIV if the engine is changed.

d. Seats: When the registration of the increase in the number of seats of a category
M vehicle is requested, in addition to what is established in article 54 3 of this
Regulation, a document issued by the manufacturer or its representative in Peru
must be attached, with a notarized signature, indicating the maximum number of
seats for the type of vehicle. In that case, the Modification Certificate of
Conformity must expressly indicate that the original bodywork is not altered or
modified and the manufacturer's parameters are respected.

e. Plate: The change in characteristics could imply changing the Unique National
Running Plate for those units that have an old plate.

Therefore, according to our current legislation, the placement of accessories such as

spoilers, sports exhaust pipes, etc. are not considered.

It is important to mention that Sunarp indicates that the process of changing

characteristics can be carried out through any notary office and subsequently register it,
for which the following documents must be presented:

- Registration application form duly completed and signed.

- Notarial form indicating the new characteristics of the vehicle with a signature
certified before a notary public of the owner with registered right.
3
Article 54.- Change of characteristics The change of characteristics of a registered vehicle will be carried
out on merit: 30 a) The request that appears in the respective Notarial Form, with a certified signature
of the owner with registered right or his duly accredited representative, indicating the new vehicle
characteristics. b) The Modification Conformity Certificate issued by legal entities authorized by the
Ministry of Transport and Communications, which indicates that the modifications do not negatively
affect the safety of the vehicle, land traffic, the environment or do not comply with the regulatory
technical conditions. established in the National Vehicle Regulations, approved by Supreme Decree No.
058-2003-MTC. In cases of modification of characteristics of category O vehicles, the Modification
Certificate of Conformity may be issued, alternatively, by a duly registered mechanical engineer or
electrician, attaching proof of skill in force on the date of issuance of the certificate in notarized copy or
authenticated by notary of the Registry Office. In cases of color and engine change, as long as in the
latter case the displacement, power and/or type of fuel is not modified; The presentation of a
Modification Conformity Certificate will not be necessary.
- To change the fuel system, the conversion certificate of conformity issued by a
certifying entity authorized by the Ministry of Transport and Communications must be
presented.

- To change the engine, documents must be presented that prove the legal acquisition of
the new engine. If the engine change modifies the displacement, power and/or type of
fuel, the presentation of a modification certificate of conformity issued by an entity
authorized by the Ministry of Transportation and Communications (MTC) will be
necessary.

- Payment of registration fees.

- Others, according to registration qualification and current provisions.

C) THE TRANSFER OF OWNERSHIP

The Vehicle Transfer is an act that, at the request of the interested parties, is extended in
the Vehicle Property Registry, in order to change the owner of the ownership right for a
used vehicle or that already has its first registration of the right of ownership. property
called registration.

For the purposes of registration, the notarial record of vehicle transfer must include at
least:

a) The identification data of the contractors or their representatives, as well as their

marital status, type and number of identity document, when applicable.

b) The legal act through which ownership of the asset is transferred.

c) The Unique National License Plate of the vehicle subject to transfer, if any; or the
vehicle's serial number and engine number.

d) The price and method of payment or valuation of the vehicle, as appropriate.

D) MOBILIARY WARRANTIES AND OTHER AFFECTIONS

The security interest is the attachment of a movable property through a legal act by
which compliance with an obligation is ensured. According to the second paragraph of
article 17 of the Law4 For its effectiveness, the guarantee requires registration in the
Legal Registry of Movable Property.

In vehicle collateral, a creditor (which in most cases will be a financial institution) will
issue a collateral to ensure that a person who has requested a loan to purchase a vehicle
will pay their debt. And such security interest will be on the vehicle, so the creditor
ensures that the debtor will return the money lent, or else he must give the asset that has
been stipulated in the security interest as part of payment of the credit.

Now, the following acts are registrable in the Vehicle Property Registry in accordance
with article 32 of Law No. 28677, Movable Security Law:

a) Constitution and pre-constitution of movable guarantees, as well as their

modifications and cancellations.
b) Transfer of rights.
c) Trust.
d) Lease.
e) Financial Leasing.
f) Leaseback.
g) Consignment contract.
h) Precautionary measures.
i) Judicial resolutions or administrative resolutions.
j) Preparatory contracts.
k) Usufruct.
l) Use and
m) Other acts that imply damage to the registered vehicle.

Likewise, the registration entry of the security interest must contain the name, name or
company name, official identity document and address of the debtor, constituent,
secured creditor, depositary and representative, in accordance with article 47, paragraph

4
“Article 17.- Constitution. For the security interest to be enforceable against third parties, it must be
registered in the corresponding Registry.
15 and article 53 paragraph 6 6 of the Movable Security Law (in the case of registered
legal entities, the registration item must also be indicated); Unique National License
Plate of the vehicle, and its status as its own or another's; form and conditions of
execution of the vehicle; vehicle valuation; determined or determinable amount of the
tax, and in the latter case, the applicable criteria(s) for its determination must be
indicated; certain date of the document containing the constitutive legal act; term of the
security interest. Failing that, it is considered indefinite and special acts.

On the other hand, the registration of the liens referred to in the first paragraph of article
3 of Law No. 266397 , expires ten (10) years from the date of the entry of presentation
of the title that originated them. Included within this assumption are the registrations
corresponding to liens that guarantee obligations that have no expiration date, in which
it must be understood that the obligation is payable immediately after being contracted,
in application of article 1240 of the Civil Code. 8 . In the case of liens that guarantee
credits referred to in the second paragraph of article 3 of Law No. 26639 9 , the
registration expires ten (10) years from the date of expiration of the credit, provided that
this can be determined from the content of the entry or title.

CREATION AND DEFINITION OF THE FURNITURE

RECORD OF CONTRACTS
5
1. In the act constituting the security interest, specific and irrevocable power will be granted to a third
party to carry out and formalize the transfer of the personal property subject to security interest. The
agreement by which the secured creditor itself is the representative is not admitted. The power does
not require registration other than that contained in the respective Registry. For these purposes, the
second paragraph of article 153 of the Civil Code nor article 156 thereof is not applicable.
6
53.6 At the time of agreeing on the possibility of awarding the movable property pledged as collateral,
the parties must grant specific and irrevocable power to a common representative so that in the event
of non-compliance, they can proceed to sign the necessary documentation for the transfer of the
movable property pledged as collateral. furniture. In no case may the representative be the secured
creditor itself. The power will appear in the registration form and will be registered together with the
agreement. For these purposes, the second paragraph of article 153 of the Civil Code is not applicable. It
is a validity requirement for the purposes of transferring ownership of the encumbered personal
property in favor of the secured creditor, that the latter pay the representative the difference in value or
the fine provided for in section 53.4 above.
7
The registrations of mortgages, liens and restrictions on the powers of the holder of the registered
right and lawsuits and judgments or other resolutions that, in the judge's opinion, refer to registrable
acts or contracts, are extinguished 10 years after the registration. registration dates, if they were not
renewed
8
Article 1240.- Deadline for payment
If there is no designated period, the creditor may demand payment immediately after the obligation is
incurred.
9
The rule contained in the previous paragraph applies, when it comes to liens that guarantee credits, 10
years from the expiration date of the term of the guaranteed credit.
The legal regime for establishing guarantees plays a very important role in the economy,
since there is no greater disincentive for commercial operations than for agents to be
certain that their credits will be paid timely and in full.

Despite this, our country has not only had dispersed legislation on the matter, but it has
also discouraged credit, by not granting creditors the possibility of quickly recovering
their investment or debtors the possibility of offering most of it as collateral. of its
movable assets.

In order to overcome this situation, on March 1, 2006, Law No. 28677, Law on
Movable Guarantees (hereinafter, LGM), was published in the official gazette, a
regulatory body that will concentrate the regulation of all the guarantees that can be give
on movable property to secure credit obligations, present or future, determined or
determinable, subject or not to modality. To this end, said rule repeals articles 1055 to
1090 of the Civil Code (referring to collateral security) and other provisions of the
Commercial Code, the Banking Law, the General Industry Law, among others.

In this context, as Mario Castilo Freyre mentions, the LGM represents an attempt to
provide an adequate legal framework for guarantees over movable property, avoiding
the dispersion of the various special pledges that existed before this law.10

One of the important aspects of the LGM is that it created the Real Estate Registry of
Contracts (hereinafter, RMB), in which the guarantees and their subsequent
modifications will be registered. This registry replaced and eliminated the 16 existing
pledge registries before the law, and is made up of a single centralized database for the
entire country, which will be managed and regulated by Sunarp.

In effect, the LGM has authorized the creation of the Integrated System of Guarantees
and Contracts on Movable Property (hereinafter, SIGCBM) which, through the search
index system, which will be designed by Sunarp, and which will allow the public in
general access to all electronic entries that record registered acts, granted by the same
person both in the RMC and in all Property Registries

10
CASTILLO FREYRE, Mario. The Movable Security Law. July, 2006.
Specifically, the creation of the RMC is noted in article 42. 11 of the LGM, where it is
mentioned that all the acts referred to in article 32 will be registered 12 of the same law
(registerable acts) and that relate to movable property not registered in a Legal Property
Registry, which will be made up of a single centralized database for the entire country.
Thus giving rise to each registrable act to the extension of a different electronic entry.

As we already mentioned, the RMC unifies all past pledge records (agricultural,
commercial, industrial, mining and fishing). In this registry, currently, movable
guarantees over assets that do not have a particular legal registration are registered. That
is, all those assets that do not have a registry item are registered. For example, the
following may be put as collateral for any type of loan, and registered in the Public
Registries: machinery or equipment that retains its movable character, livestock, books,
construction materials, securities, bank account balances, bank deposits, accounts.
savings or certificates of time deposits in banks or other financial entities, among others.

Regarding this point, says Gunther Gonzales Barron13 :

11
Article 42.- Registry Database Create the Movable Registry of Contracts where all acts referred to in
article 32 of this Law and that relate to movable property not registered in a Legal Property Registry will
be registered. which will be made up of a single centralized database for the entire country. Each
registrable act gives rise to the extension of an independent electronic entry

12
Article 32.- Registrable acts The following acts are registrable on the movable property referred to in
article 4 of this Law: 1. The security interest referred to in this Law and the acts relating to its
effectiveness, modification or eventual transfer. 2. Judicial, arbitral or administrative resolutions referring
to the security interest regulated by this Law. 3. The legal acts listed below, for the purposes of their
priority, opposability and publicity, whatever their form, name or nature, intended to affect personal
property or rights of all kinds, present or future, determined or determinable, subject or not to modality,
including: a. cession of rights; b. trusts; c. lease; d. financial leasing; and. consignment contracts; F.
precautionary measures; g. preparatory contracts; h. option contracts; e, i. other legal acts in which
movable property is affected. When the registrable acts referred to in this article fall on movable property
registered in a Legal Property Registry, these will be registered in the corresponding registry item.
Otherwise, they will be registered in the Movable Contract Registry. The registrable acts referring to
future movable assets will be registered in the Movable Registry of Contracts and will remain there after
they cease to be so, with the exception of certain movable assets that must be registered in a Legal
Registry of Assets, whose acts already registered will be transferred to the corresponding record.
13
GONZALES BARRON, Gunther. Old and new reflections on the Movable Security Law. April 2013.
“The current RMC registers security interests over assets that do not have a particular
legal record, that is, with respect to fungible furniture, types of assets or the entire
assets of the person in general, over assets that are difficult to individualize (art. 42),
which requires that the record be of a personal nature, that is, that the information be
kept by the person of the debtor, and not by each asset pledged. It is obvious, then, that
it is impossible, technically and economically, to establish a record for each pen,
computer or pair of shoes circulating in the market, which requires a personal record,
that is, for each contract entered into by a debtor, a registration item is opened.

The art. 2-20 LGM indicates that the RMC is the registry of contracts in which movable
guarantees and other registrable acts on movable property not registered in any Legal
Property Registry are registered. Therefore, the novelty of the law is not found in
creating a registry that allows a relative subjection of non-identifiable movable
property through a personal registration, since such a solution has already existed for a
long time in the different pledge registries that He knew our legislation (agricultural,
industrial, mining, etc.), in which it was possible to register the pledge contracts
granted by each debtor.

“The greatest novelty of the law is strictly formal, that is, the unification of the
records.”

Thus, with the validity of the Movable Contract Registry, Sunarp complies with the
provisions of the First Transitional Provision of the Movable Security Law, which
approves the regulatory provisions for the organization and operation of the RMC. In
addition, the registry administration was empowered to regulate technical and
administrative matters related to registration and others that were necessary for
compliance with the LGM.

Finally, we can conclude that the RMC is the one in which movable guarantees and
other registrable acts on movable property not registered in any Legal Property Registry
are registered.
REGISTRATION TECHNIQUE OF THE FURNITURE
REGISTRATION OF CONTRACTS

The registry item is opened for each security transaction (art. 42 LGM; art. 11 RIRMC 14
), and in which, successively, the different vicissitudes suffered by said act are
registered, among them, the modifications, extensions and extinctions of the guarantee
(art. 11 RIRMC).

It is worth asking, is the RMC a personal folio? A doctrinal sector, and the registry
jurisprudence itself, speaks of the so-called “causal or contractual folio” 15 . The reason
for this would be that the registration sheet is not opened by person, which should group
all the guarantees granted by the subject, but by “causal act”, where the concept and
name come from.

According to the opinion of Professor Gunther Gonzales Barron, the new term does not
contribute anything, because although the game is opened as a result of the legal
business, however, the decisive criterion continues to be the constituent subject, which
is why, in reality, it is of a personal record, and not causal, only of a relative nature,
since the folio does not group all the acts of the subject, but rather a group of those acts
related to a particular business. Furthermore, the reason for the existence of the RMC is
based on the personal nature of the information in the registry, since in this way the
market can easily know the financial situation of the potential credit subject, in the
sense of verifying the movable assets. on which it has already constituted guarantee.
That being the case, it is clearly a personal record. Consequently, the RMC is one of a
personal-relative folio, in which the sheet inscribes a guarantee contract granted by a
14
Article 42 of the LGM:
(…)
Each registrable act gives rise to the extension of an independent electronic entry
Article 11 of the RIRMC: Principle of specialty
For each guarantee contract or registrable legal act in which movable property not registered in a legal
property registry is affected, an independent registry entry will be opened in the RMC, where the first
registration of those will be extended, as well as its modifications or cancellations.
(…)
15
GÓMEZ ANAYA, Carlos. “The registration procedure in the Movable Registry of Contracts and its
link with the Legal Registries of Assets.” At VVAA. Studies on the new movable security law, Arco
Legal Editores, Lima 2006.
certain subject, and if this constitutes another guarantee, then a new sheet is opened, and
so on. It is not, therefore, a personal-general folio, since, in the latter case, each sheet
would group together all the guarantees constituted by a subject during its existence.

LINKAGE BETWEEN THE MOBILE REGISTRY OF

CONTRACTS AND THE LEGAL REGISTER OF MOVABLE
PROPERTY

This topic regulates the existing link between both records through the figures of
correlation and transfer. Said link refers to the fact that each time an asset is registered
in the Legal Registry of Assets, the registrar will verify if there is any guarantee or
contract linked to the asset that is registered in the Movable Registry of Contracts, and if
there is any in force, he will transfer officially the entry of the movable register of
contracts to the legal register of movable property, proceeding to close the item of the
movable register of contracts.

In this regard, article 1616 of the Registration Regulations of the Movable Registry of
Contracts and its Link with the Legal Registry of Movable Property, indicates that when
the registration of a movable property is registered, which in this case, we will talk
about Vehicle in the Legal Registry of Movable Property, all of them will be
transferred. the entries registered in the Movable Contract Registry that are linked to the
vehicle subject to registration, proceeding to close the item in the Movable Contract
Registry after correlation.

The priority of the guarantee is that of the Furniture Contract Registry. The entry is
transferred ex officio and generates the payment of registration fees as an undervalued

16
Article 16: Registration and transfer of seats
When the registration of a movable property is registered in a Legal Property Registry, all the entries
registered in the RMC, which are linked to the property subject to registration, will be transferred,
proceeding to close the existing items in the RMC, after correlation.
The priority of the guarantee or contract that is transferred is that emanating from the RMC.
The transfer entry is made ex officio and generates the payment of registration fees as an unvalued act, for
each entry made.
act. In this regard, registration is defined as the act by which the object and the domain
that falls on it are registered for the first time. It is the birth of your legal registry life,
which generates an item for each asset.

Therefore, in response to this, first the contract for the constitution of the Movable
Security will be registered in the Movable Contract Registry. For example, in the case
of a vehicle, taking into consideration characteristics such as color, model, chassis or
serial number. Likewise, once the registration of said vehicle has been entered, the
registration made in the movable registry of contracts will be transferred to the Legal
Registry of movable property where the vehicle will be granted a license plate number.
It is important to indicate that the priority that emerges is that of the title that was
registered in the movable registry of contracts.

6. Conclusions:

a. Firstly, as a conclusion, the Peruvian system of transfer of real estate property,

according to article 949 of the Civil Code, turns out to be a purely consensual
system, that is, the transfer is carried out with only Consensus, also called the
French Transfer System; It is therefore inadequate for the development of secure
transactions, which promote impersonal operations and allow long-term
calculations. The only binding consensus, in the case of real estate, will continue
to encourage the existence of clandestine transfers, which will discourage
investment and the creation and/or consolidation of an efficient real estate
market, which also has effects on the credit market.

b. The importance of the Principle of Public Faith because it is the central core of
its structure and is the clearest expression of the scope of the protection that the
State, through the registry, provides to society in general and to the patrimonial
trafficking of assets. registered assets and rights.

c. Indeed, the current problems of the regulatory framework and the legal
mechanisms that affect the efficiency in the execution of the good are
specifically the high procedural burden borne by the public administration and
 the existing legal uncertainty for the parties.

---------------------------
Listed below are a series of recommendations whose implementation is vital to
improve the Registry system in our country.

7. Recommendations:

- It is essential to improve the legal mechanisms for vehicle security

interests. To do this, a diagnosis must be carried out in order to identify
the strengths and weaknesses of the execution of the security interests
and based on these findings, propose alternative solutions.
- It is recommended that SUNARP (National Superintendence of Public
Registries) provide informative talks to society in general about the great
importance of the acquisition of real estate and the security that
registration can provide in real estate transfers.

BIBLIOGRAPHY

- ALBADALEJO, MANUEL; CIVIL LAW – PROPERTY LAW, Volume III,

Vol. First; José María Bosh Editor; Barcelona, Spain ; 1994.
- DIEZ PICAZO, Luis; Fundamentals of Civil Patrimonial Law, Volume I,
Civitas publishing house, Madrid – Spain; nineteen ninety six.
- COMMENTED CIVIL CODE, Gaceta Jurídica editorial, volume 5, Real Rights,
year 2003.
- FERNÁNDEZ DEL POZO, Luis. The Registry of Movable Property. Article.
1st Edition, Marcial Pons. 32 pp.
- GONZALES BARRON, Günther. Introduction to Law
PERUVIAN CIVIL CODE
- Law No. 26639
- Law 26366, Law creating the National System of Public Records and the
Superintendence of Public Records
- Law No. 28677, Movable Security Law
- Law 27181, General Law of Transportation and Land Transit
- Registration Regulations of the Vehicle Property Registry 2013
- CASTILLO FREYRE, Mario. The Law of Movable Security. July, 2006.
- GONZALES BARRON, Gunther. Old and new reflections on the Movable
Security Law. April 2013.
- GÓMEZ ANAYA, Carlos. “The registration procedure in the Movable Registry
of Contracts and its link with the Legal Registries of Assets.” At VVAA. Studies
on the new movable security law, Arco Legal Editores, Lima 2006.
- LAW Nª 28677: Movable Security Law
- Registration Regulations of the Movable Registry of Contracts and its link with
the Legal Registries of Movable Property.